EBRD and Norway provide further €199 million package for Moldova gas purchases

The European Bank for Reconstruction and Development (EBRD) announced on 17 October that it was extending its finance for Moldova to acquire strategic gas reserves with a new €199 million package.

This includes a €165 million loan and a €34 million grant from Norway. This brings to almost €500 million the total of EBRD-led finance to the country for gas purchases since the start of Russia’s war on neighbouring Ukraine, safeguarding Moldova’s energy security.

The loan and grant to Moldova are for on-lending to the state-owned energy trader JSC Energocom to procure gas on European Union hubs. 

The EBRD said in a press release that an initial €300 million revolving facility in 2022 had allowed Moldova to diversify its gas supply, meeting around 20 per cent of demand last winter with supplies from the European Union – up from less than five per cent in 2021. 

“Moldova’s gas imports have traditionally come from the Russian company Gazprom, with which it has a contract that expires in 2026, but which are vulnerable to potential interruption as a result of the war on Ukraine,” says the EBRD.

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Press release